Today Bitcoin (BTC) price extended its rally to a new all-time high as the price rose to $ 19,412 in the morning.
Determining the actual all-time high for BTC is a bit controversial as different numbers are listed on different exchanges. For example, Coinbase has registered $ 19,892 as a bitcoin peak, while BitMEX and Binance have $ 19,891 and $ 19,799, respectively. So for most traders, $ 20,000 is likely to be the main focus that will push BTC to a new all-time high.
Pushing through the $ 19,000 level came faster than many expected, especially after Bitcoin prices fell to $ 18,000 in the evening hours on November 23. That drop almost coincided with the 30% drop in XRP at Coinbase after the altcoin was pumped to $ 0.92.
Data from TheTie, a social analytics data platform, shows trading sentiment weakened noticeably as Bitcoin price lost momentum on Nov 22nd and 23rd as traders attempted a possible retest of lower supports in the below $ 18,000 zone expected.
According to Joshua Frank, founder of TheTIE:
“The daily sentiment score shows how positive or negative investors have been in the last 24 hours compared to a rolling 20-day window. This metric (daily sentiment) has been positive (over 50) since November 16, when Bitcoin was near $ 16,000. In order for the daily mood value to remain positive, the conversations have to become increasingly positive. If investors are positive in the last 20 days, they need to be even more positive in the last 24 hours to keep the score above 50. “
This suggests that the majority of those who invest in or track Bitcoin prices, regardless of sharp withdrawals of $ 18,000 or less, are still overwhelmingly optimistic about the outlook for the digital asset when compared to historical price and sentiment data.
Google Trends data also shows that searches for the term “Bitcoin” today also hit a 2020 high, as the price surged above $ 19,000, but the number is nowhere near the December 2017 high.
What’s Next for Bitcoin Price?
As shown on the 4-hour chart, Bitcoin’s flushout to $ 18,000 resulted in a double bottom right on key support and bulls stepped in to buy the dip with three consecutive high volume spikes.
At the time of writing, the price has already pulled back to recreate lower support at $ 18,900. If this level is not held, the next support will be at $ 18,650, which is slightly above the 20MA and a high volume node in the VPVR.
Much like a surge to $ 18,000, a period of consolidation and support building is normal and healthy to maintain the momentum of an uptrend.
According to Matt Blom, Head of Global Sales at EQUOS:
“Bitcoin is focused on hitting a new all-time high and it is highly unlikely that Bitcoin will fail to break the 2017 record once it approaches. With a lack of levels of resistance overhead, thoughts turn to the next major upside target. Using the Fibonnaci retracements, we see $ 29,100 as the target, with an increase of $ 1.618 from $ 4,644 to $ 19,447 as the base. “